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hey guys its frank from altcoin buzz so three weeks ago i gave you the how high will chain link go video and now i want to first of all recap what happened in that video and then of course we are going to do an updated analysis on chain link because of course it has since reached new highs and most of the video of course will be an analysis at the end i will give you my conclusion with a potential trade setup including supports and resistances in the same way as i did in the previous video over here the reason for this was that this was between the 0.5 and the 786 of this big wave which started on about the 9th of july when the volume really started picking up now in this video my general prediction was that this blue box would provide support and the red box would provide resistance now if you look at the support and resistances when i made that video the price was 7.1 dollars i think thats right 7.17 that was back here on the 13th of july and you can see that we reached this red box we didnt actually get within the red box but we resisted just below this red box and we had quite a solid pullback of 27 and then lo and behold we found support in this blue box if you enjoy this content and want to see more of it dont forget to subscribe like and hit that notification button as it really helps to support the channel before i get started i just want to let you know that i am not a financial advisor and that trading and investing presents financial risks and this video also illustrates a very important point about technical analysis which is that things can change very quickly so this support box was created based on the fact that it was between the 0.5 and 0.786 fibonacci retracement zone now at that point when this video was made the previous high was at 8.5 so what i did in that video was that i drew a fibonacci retracement between the 4.7 level and the 8.5 level and as you can see this 0.5 and 0.786 lines up with this box i actually drew the box a little bit higher this is at the 5.66 level because this represents the previous low on the daily at 5.7 over there now if you were to simply go by this box without doing a further analysis you might be a little bit disappointed to find that the wick only just came at the very top of this box so if you had your buy orders laddered in this box like i suggested in the video you would only have gotten very few of them filled but if however you have done an updated analysis once we reached this high of 8.9 you would have seen that this box which i suggested to draw between the 0.5 and 0.786 would now have had a lot more of your orders filled any orders between the six point eight three dollar level and the six point five dollar level would have been filled now i must admit i did not get into this trade i wish i had of the reason was that i was just very busy doing other things i was in some other trades at that point in time and also i was a little bit concerned about the weekly rsi of link which seemed pretty high suggesting to me that even buying in this box might be a little bit risky i generally dont want to buy coins which have over bought rsi as link does and again in this video i talked about the 8.9 level to the 10 level with the most likely specific level being at the 9.3 we retraced actually exactly the bottom of that box as i said at the 8.9 level but now whats interesting is that weve had a retracement and another move up so lets see whats going on over here okay so im going to start by doing a very basic elliott wave analysis okay so lets start on the daily time frame and see where these possible waves might be im going to assume you have some basic understanding of elliott waves so lets just assume that the wave started here this is obviously a very important bottom its likely that a new wave started here the way i see this is that we have the most likely first wave starting here second wave correcting down here third wave going all the way up there which is a very long wave the fourth wave correcting somewhere around here the fifth wave up here and then an abc correction down here so that would be the first wave of this structure and then in addition to that im going to draw another wave which would represent the third wave of this big structure which would have a one two three four and then looking for a five somewhere here and then looking at the bigger picture we would have a wave going from here this would be the first wave which represents the one two three four five up here second wave correcting to down here and the third wave one two three four five going somewhere here with the fourth wave correcting we dont know yet where but it cannot be below the first wave and then the fifth wave of course coming somewhere much higher also we do not yet know where so in this video were going to try and figure out where this third wave might likely correct and in order to do that lets draw some fibonacci extensions so again assuming that this is the bottom here at 1.4 dollars and then assuming this is the end of the first wave and that we have a correction down to the 3.6 level we would have a fifth wave extension target at the 2 six one eight so lets just draw a red line right there that would be at the twelve dollar mark so in terms of elliott wave extensions the two six one eight is one important level as you can see here we also have the 200 level the 323 and the 423.6 so the 200 level would have us correcting at exactly this psychological level of 10 and just for the sake of argument lets put the 3236 level as well although i personally dont think we will get there before having another notable correction okay so its worthy to note that fifth waves in elliott wave theory are very hard to calculate and right now we are entering the fifth wave of the third wave of this large structure so despite it being hard to calculate i couldnt help but think that some of the things they say here apply to the market right now so in the fifth wave the news is almost universally positive and everyone is bullish thats for sure many average investors finally buy in right before the top ive seen on twitter people talking about how theyre following into the top of link and you know hey if you have a stop loss all right fair enough but if you dont and i think most of these average investors do not then this is probably not the best time to buy then they also say that volume is often lower in wave five than in wave three so have a look at this wave five started here on the 26th of july and you can see that the volume between the 26th of july and the 5th of august is not quite as high as it was during wave 3. between the 28th of june maxing out with the highest volumes in mid-july so assuming we dont see volumes higher than we saw for the third wave this would offer further proof that this is indeed the end of the fifth wave somewhere around here and that we would be looking for a correction from there and of course they talk about many momentum indicators starting to show divergences now while we dont have many showing divergences have a look at this this is the three day chart on binance you can see that the three day has a lower low on the rsi but a higher high on the price so this is a classic bearish divergence and note this is a three-day chart this is no lower time frame chart the longer the time frame the higher the time frame the more powerful the more notable the more trustworthy these bearish divergences are and of course the macd is also registering lower lows on the histogram and then finally they say the wave 5 lacks huge enthusiasm and strength found in the wave 3 rally so the rate of power or strength inside every wave 5 advanced is very small when compared to wave 3 advanced so if we take that into consideration and draw a fib extension of the third wave which started here on the 26 of june and extend that up to the end of this third wave down to the fourth wave to see what the fifth wave might give us then we can see that a one-to-one extension would take us all the way to 11.18 so this analysis in and of itself would suggest that we are unlikely to cross this level of 11.1 before having another notable move down on this three day time frame and in addition to that what is also somewhat likely is that we correct at the 786 of this third wave which would have us correcting at the 10 psychological level which again as i mentioned is the two to one extension of the first wave of this massive structure so this already gives us some confluence at the 10 level now in addition to this confluence at the 10 level this also gives us confluence incidentally at both the other levels that we found up here at 12 and at 14 so since this is all starting to get a little bit complicated and sort of very technical im going to try and break this down into what i think is the most likely scenario moving forward so to do that im going to start by assuming that we dont get anywhere close to the 14 level before having a notable correction that is in part due to the fact that we have the bearish divergence on the three day in part due to the fact that on the one week we are already overbought and in part due to the fact that this move has already been pretty insane uh you know weve had a 650 move to assume that this is going to go to 14 for a thousand percent its possible but for such a large cap coin i dont think thats very likely to happen without a correction first not to say that we will never reach this level certainly we could but i assume that we will have a correction before we reach that level okay lets go back to the three day time frame now so weve taken out that 14 level as a potential resistance so now the way i see it is that the most likely resistance area or zone is in this box now this of course is a very large box but very briefly what i can say is that obviously the 10 is going to be a psychological level to watch out for its quite possible that we dont break this 10 level if we do break it then the next major resistance zone would be i would say between the 11.0765 and the 12.1 level so i wish i could give you guys a trade setup here but honestly theres too much uncertainty we are very close to this 10 level and secondly we have not come down to any notable support so theres no strong reason to be buying at this specific level considering that we do have notable resistances on the way up okay so in terms of price predictions first of all for resistance im going to say that 10 is a potential resistance and the next major resistance would be between the 11 and 12 level and i suspect theres a very good chance that we will see at the very least a sort of 10 correction from one of these levels a 10 correction from the 10 level would take us down to the 8.8 level a 10 correction lets say from the middle of this box would take us down to just above 10 now as i mentioned i am not keen about buying into link there are many other coins which have potential entries which look much more attractive to me and the reason again is because the rsi is overbought not only on the larger time frames but also that we have bearish divergence on this three-day time frame for me to be really interested in buying this i would want to wait until the weekly time frame was not overbought at the very least so that we have a move down at least to this 70 level that would suggest to me that the over extension has cooled off and that we are ready for another move up in addition to that i would want to wait for the weekly to touch this orange line so let me give you a potential scenario of how that might happen so you see this orange line here which represents the 21 ema i wouldnt be surprised if it continues its uptrend but then starts slowing its growth and that we come down to correct here of course this would represent the previous low of 6.5 dollars but it could also just sort of go on like this and then you know we could find a support somewhere over here the point is that i would want to wait for this to come down to this level before getting in for another move up its just a little bit too over extended for my personal preference that being said if youre holding there is no real strong sign to sell yet i would personally be taking some profits around this level but really i would only be doing that if i had an intention to get back in at some point as well so guys thats been it for me for today i hope you like this video in the previous chain link video we talked about the chain link distribution we talked about the concern about the supply distribution something which is very worthy to note that the developers own a very large percentage of the tokens and i dont think that they would be waiting much above 10 to sell this but that being said i dont think that theyre trying to dump the price either i think theyre just steadily selling as the price goes up and up that would be the most rational thing to do as opposed to sort of waiting for really extreme highs but with that being said guys let me know down in the comments below have you been trading link are you still huddling link are you waiting for a pullback what did you think of this video let me know down in the comments below and dont forget to smash that like and subscribe button if you like this video alright guys i will see you in the next one you Chainlink Price Prediction! First a brief overview of our past LINK price prediction video. We do an Elliott wave technical analysis of the ChainLink price to figure out potential resistances. We determine that the RSI is heavily overbought on the weekly time frame and that we have a bearish divergence on the 3D time frame on the RSI and the MACD histogram. We also look at when would be a good time to buy ChainLink.Trade LINK on Binance ► *Code is UAMKZ47P CRYPTOCURRENCY AND BITCOIN VISA DEBIT CARD - GET $50 FREE ON ► CRYPTO.COM *Code is AB GET 8.6% STAKING REWARDS ► BLOCKFI TRADE ON AAX, WORLDS FIRST CRYPTO EXCHANGE POWERED BY LSEG TECHNOLOGY ► AAX EXCHANGE CRYPTOCURRENCY MARKET PRICES AND DATA ► COINGECKO WORLDS LEADING SOCIAL TRADING PLATFORM ► ETORO TRADE BARCELONA FC, JUVENTUS AND UFC TOKENS ON CHILIZ EXCHANGE ► *Code is FZAkA1 TRADE ALTCOINS INCLUDING ELECTRONEUM ETN ► BIKI EXCHANGE *Code is QELWHWW NOTE If you use the above referral links, we receive a commission at no additional cost to you. TOP CRYPTO NEWS - FREE NEWSLETTER - TWITTER - FACEBOOK - TELEGRAM - Timestamps 03:50 Elliott wave analysis 07:57 3D bearish divergence 10:55 Resistance zone 11:48 ChainLink price prediction 12:40 Price to Buy LINK 14:02 ChainLink supply distribution Sources: n6JgKEWF7y8 Disclaimer: The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the content creators/reviewers and their risk tolerance may be different than yours. Altcoin Buzz is not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Please do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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